Market research future published a raw research report Global Synchronous Condenser System Market that contains the information from 2017 to 2023. The Synchronous Condenser System is expected to grow with the CAGR of approximately 2% from 2017 to 2023.

Market Highlights

The growing electrical power consumption and rising need to maximize transmission capacity are becoming progressively important. Along with this, developing renewable-based power generation in the energy mix, retiring old power plants, and growing network of High-Voltage Direct Current (HVDC) has had a major effect on transmission grid stability. Synchronous condensers play a critical role by generating leading and lagging reactive power and helping to balance the transmission grid. It also offers considerable advantages over the other substitutes such as no harmonics, short-circuit power capability, and inertia to the transmission grid among others

Market Research Analysis

Currently, the synchronous condensers market in North America is projected to grow at the fastest rate during the forecast period. Gradual termination of conventional thermal power plants and growing renewable power generation are driving the synchronous condensers market in the region. North America is followed by Europe. Requirement for synchronous condensers in Europe is mainly driven by growing HVDC network in the region.

Electric utilities are leading the end-users of synchronous condensers

Electric utilities have been historically the largest users of power factor correction equipment. Industries employ synchronous condensers only when the requirement for power factor correction is high and for the long distance power transmission. Metal and mining process industries have been the leading user of synchronous condensers but their share is low compared with electric utilities. Hence, the market for electric utilities will remain dominant and grow at a faster rate during the forecast period.

The growing electrical power consumption and rising need to maximize transmission capacity are becoming progressively important. Along with this, developing renewable-based power generation in the energy mix, retiring old power plants, and growing network of High-Voltage Direct Current (HVDC) has had a major effect on transmission grid stability. Synchronous condensers play a critical role by generating leading and lagging reactive power and helping to balance the transmission grid. It also offers considerable advantages over the other substitutes such as no harmonics, short-circuit power capability, and inertia to the transmission grid among others

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